At 31 December 20X1 Black Sheep Wool Cooperative understated its ending inventory by $3,000. At 31 December 20 times 2 the inventory is correctly counted and included in the books. What judgement can be made about the net profit for year ending 31 December 20 times 2? Net profit is overstated. Net profit is understated. Net profit is probably correctly stated. It depends on whether or not the inventory increased during 20 times 2. None of the above